Financial Reports: Schein, Guitar Center, Lenox, Blue Nile

Schein Has Another Shining Quarter
Medical, dental, and veterinary supplier Henry Schein reported a 15% increase in first-quarter sales, while first-quarter income more than doubled. For the three months ended March 31, Melville, NY-based Schein netted $43.5 million on $1.3 billion in sales. Dental sales increased 17%, medical sales rose 11%, international sales increased 15%, and technology and value-added services sales jumped 25%.

Direct Sales Hit Right Note at Guitar Center
Guitar Center posted an 18% increase in first-quarter direct sales, which consists primarily of revenue from the Musician’s Friend catalog and Website. For the three months ended March 31, direct sales totaled $116.4 million, up from $98.3 million last year. Multititle mailer Woodwind and Brasswind, which Westlake Village, CA-based Guitar Center acquired in February, accounted for 51% of the increase in direct sales.

First-quarter consolidated net sales increased 13.5%, to $534.4 million. Net income rose nearly 10%, to $17.2 million from $15.7 million.

Direct Sales Slip at Lenox
First-quarter revenue at Lenox Group, a manufacturer/marketer of tabletop items and collectibles, fell 5%, to $86.4 million for the three months ended March 31. Direct sales sunk 14%, to $19.1 million from $22.4 million for the same period in 2006. The Eden Prairie, MN-based company attributed the decrease in part to fewer new-product promotions, which was due to continuing delays in development and sourcing.

Lenox’s net loss nearly doubled, to $13.0 million from $7.1 million for the first quarter of 2006. Contributing to the increase in net loss during the first quarter of 2007 were restructuring costs of $4.8 million and executive management costs of $1.5 million.

Huge Quarter for Blue Nile
Online jeweler Blue Nile posted first-quarter sales of $67.9 million, up 34% from last year. First-quarter net income for the Seattle-based company increased 33%, to $3.2 million for the three months ended April 1.

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